USD/CAD holds above the 50-Day SMA (1.2577) following the kneejerk reaction to Canada’s Employment report, and recent price action raises the scope for a near-term advance in the exchange rate as it clears the opening range for September. The Canadian Dollar may continue to depreciate against its US counterpart as recent data prints indicate a slowing recovery in Canada, and USD/CAD may continue to retrace the decline from the August high (1.2949) as the Bank of Canada (BoC) “judges that the Canadian economy still has considerable excess capacity, and that the recovery continues to require extraordinary monetary ... (full story)